Village Agenda Packet 08.04.2025

Cassie Lang Village Clerk / Deputy Treasurer VILLAGE OF MARATHON CITY, MARATHON COUNTY, WISCONSIN AGENDA VILLAGE BOARD MEETING – HYBRID VILLAGE HALL BOARD ROOM WEDNESDAY, AUGUST 6, 2025 – 6:00PM PUBLIC VIRTUAL ACCESS Join Teams Meeting: https://www.microsoft.com/en-us/microsoft-teams/join-a-meeting Meeting ID: 229 434 982 56 Passcode: 832Rn6k4 Notice Posted at the Municipal Center Notice Received by Record-Review DATE: Friday, August 1, 2025 DATE: Friday, August 1, 2025 TIME: 10:00 am TIME: 10:00 am 1. CALL TO ORDER ROLL CALL: K. HANDRICK, M. AHRENS, K. SORENSON, K. PAUL, B. PARLIER, J. LAWRENCE, A. CABRERA 2. PLEDGE OF ALLEGIANCE 3. RECOGNITION OF VISITORS a. Virtual Meeting Guidelines i. This meeting will be recorded and available upon request b. Public Participation at Government Meetings 4. APPROVAL OF MINUTES OF PREVIOUS MEETINGS a. Discuss and Possible Action on Approval of Minutes for July 2, 2025 Village Board Meeting 5. APPROVAL OF LICENSE APPLICATIONS a. Discuss and Approval of Temporary Operator Licenses for Aaron Martin for Alois Dreikosen Post 469 Fundays b. Discuss and Possible Approval of Operator License for Dustin Buchberger for Arrow Tap 6. ADMINISTRATORS REPORT 7. UNFINISHED BUSINESS 8. NEW BUSINESS a. Discuss and Possible Action on Appointing Crossing Guards for 2025-26 School Year: Brenda Wirkus, David Martin, Larry Berres - Subs: Kathy Grell, Paige Koch, Suzanne Martin b. Discuss and Possible Action on Request by Clayton & Samuel Phillips for Rezoning of Parcel 151-2806- 073-9981 from Agriculture (A) to Rural Residential (R-4) Cassie Lang Village Clerk / Deputy Treasurer c. Discuss and Possible Action on Proposed Modifications to the Development Plan by PJM Investments LLC / Menzner Hardwoods Co. d. Discussion on Use of Golf Carts Within the Village Limits 9. REVIEW AND APPROVAL OF BILLS 10. RESOLUTIONS AND ORDINANCES a. Resolution Authorizing the Issuance and Sale of $5,485,000 General Obligation Promissory Notes, Series 2025A 11. FUTURE MEETINGS & SCHEDULED MEETINGS: a. Regular Village Board Meeting – Wednesday, September 3, 2025 – 6:00 pm b. Special Board Meeting – As Needed 12. ADJOURNMENT Cassie Lang Village Clerk / Deputy Treasurer VILLAGE OF MARATHON CITY, MARATHON COUNTY, WISCONSIN VILLAGE BOARD MEETING – HYBRID VILLAGE HALL BOARD ROOM WEDNESDAY, JULY 2, 2025 – 6:00PM MINUTES 1. CALL TO ORDER at 6:02 pm ROLL CALL: K. HANDRICK-Present, M. AHRENS-Present, K. SORENSON-Present, K. PAUL- Present, B. PARLIER-Present Virtually, J. LAWRENCE-Absent, A. CABRERA-Absent 2. PLEDGE OF ALLEGIANCE 3. RECOGNITION OF VISITORS a. Virtual Meeting Guidelines i. This meeting will be recorded and available upon request b. Public Participation at Government Meetings Attending in Person – Peter Meidal – Ehlers Financial Advisors Attending Virtually – Casey Krautkramer – Record Review, Ethan Hoffman – Kerber Rose 4. APPROVAL OF MINUTES OF PREVIOUS MEETINGS a. Discuss and Possible Action on Approval of Minutes for June 19, 2025 Special Village Board Meeting MOTION - Approve Minutes from June 19, 2025 Special Village Board Meeting Motion made by Sorenson second by Ahrens. Motion passed by voice vote. 5. APPROVAL OF LICENSE APPLICATIONS a. Discuss and Approval of Temporary Class B Retailer License (Picnic License) – Alois Dreikosen Post 469 – Fundays 2025 Administrator Cherek confirmed that all necessary paperwork was turned in and background checks passed. He recommends approval of Picnic License. MOTION – Approve Temporary Class B Retailer License for Alois Dreikosen Post 469 for 2025 Fundays Motion made by Paul second by Ahrens. Motion passed by voice vote. b. Discuss and Approval of Temporary Operator Licenses for Alois Dreikosen Post 469 Fundays i. Anton Wiesman ii. Duane Handrick iii. Jeffrey Smith iv. William Buttke All Applications and required paperwork turned in to Village Office. All passed background checks. Cherek recommends approval for all Temporary Operator Licenses for Fundays. MOTION – Approve 4 Temporary Operator Licenses for 2025 Fundays Motion made by Paul second by Ahrens. Motion passed by voice vote. c. Discuss and Approval of Operator License for Charlotte Gruetzmacher – R-Store Cassie Lang Village Clerk / Deputy Treasurer Application turned in for a new Operator License for the R-Store. Required paperwork turned in to Village Office, background check passed. Recommend approval for Gruetzmacher Operator License. MOTION – Approve Operator License for Charlotte Gruetzmacher for R-Store Motion made by Paul second by Sorenson. Motion passed by voice vote. d. Discuss and Approval of Renewal Mobile Home License – Big Wave, LLC Administrator Cherek reported Marathon County Health Department did a follow-up inspection on June 19, 2025. All issues on initial inspection were resolved and County recommended approval of the Mobile Home License. MOTION – Approve Renewal Mobile Home License for Big Wave, LLC Motion made by Paul second by Ahrens. Motion passed by voice vote. 6. ADMINISTRATORS REPORT Administrator Cherek gave his Administrator’s Report. Details of the report can be found in the Agenda Packet. 7. UNFINISHED BUSINESS No unfinished business 8. NEW BUSINESS a. Presentation and Approval of 2024 Audit with Kerber Rose Ethan Hoffman from Kerber Rose virtually presented a summary of the 2024 Audit. The Audit includes more detailed information this year as the Village was required to do a Federal Single Audit due to receiving over $750,000 in Federal revenues. There is a significant increase in the overall Fund Balance from 2023 of around $350,000. A considerable debt increase was noted in 2024 from the North Business Park expansion and the completion of the Wastewater Treatment Plant. Both are positive impacts of debt that help increase residency in the Village and improve the Village infrastructure. Consistent, positive Water Utility Operating Income is a good sign that the Village is properly budgeting and obtaining appropriate funds to sustain Operating Expenses. A substantial increase in Sewer Utility Operating Revenues from the sewer rate increase translated to an overall increase in Sewer Operating Income for 2024. A decrease in Capital Contributions in the Utility Fund from 2023 was due to the creating of the North Business Parkway in 2023 with little carryover into 2024. The General Fund and Utility Fund split payment for the TID 2 deficit in 2024 which resulted in a large deficit in the net cash flows for noncapital financing activities. Looking at Budget comparison, there was little variance in Revenues. The Intergovernmental Revenue variance was from Federal Grants received. In the Expenditures budget comparison, the Public Works and Capital Outlay variances came from the purchase of the new fire truck and the 4th St Project that had amounts to be paid in 2024. Overall, the 2024 Audit was very favorable and positive. MOTION – Approve 2024 Audit with Kerber Rose Motion made by Sorenson second by Ahrens. Motion passed by voice vote. 9. REVIEW AND APPROVAL OF BILLS Trustees questioned the following bill payments: Check 48791 – Gollon Brothers Wholesale Live Bait, Inc. – Fathead minnows for WWTP Clarifier Check 48819 – The Locksmith Shoppe – Rekey Veterans Park buildings MOTION – Approve Payment of Bills Cassie Lang Village Clerk / Deputy Treasurer Motion made by Ahrens second by Paul. Motion passed by voice vote. 10. RESOLUTIONS AND ORDINANCES a. Discuss and Possible Approval of Resolution 2025-07-02A – Marathon City 2025-2029 Capital Improvement Plan Administrator Cherek presented the Board with a final copy of the 2025-2029 Capital Improvement Plan. The plan lays out approved projects to be done in the 2025-2027 funding cycle, priority projects to be approved in 2027 for the 2028-2029 funding cycle and lesser priority projects that will be reevaluated in 2027. Cherek reminded the Board Members that the CIP is a guide and items can change based on Village needs and finances. The CIP is a financial planning and management tool that outlines the replacement or repairs of public facilities, infrastructure, and equipment over multiple years. Every 2 years, in odd years, the Village Board will review projects and approve funding for the next 2-year project set and approve a new updated 5-year CIP by resolution. MOTION – Approve Resolution 2025-07-02A – Marathon City 2025-2029 Capital Improvement Plan Motion made by Paul second by Sorenson. Motion passed by voice vote. b. Discuss and Possible Approval of Resolution 2025-07-02B – Providing for the Sale of Approximately $5,485,000 General Obligation Promissory Notes, Series 2025A Peter Meidal from Ehlers Financial Advisors presented to the Board the proposed 2025 GO Promissory Notes. He discussed the new money to be bonded for street maintenance, a new street sweeper, finishing the County Materials Park project, a cure-in-place piping sewer project, and water tower maintenance would total $1,477,143. The remainder of the 2025A Promissory Note would include refunding of approximately $4,154,258 in current GO Notes held by the Village. Refunding would amortize notes out to the useful life of the assets, lower debt payments to make more budget money available in the General Fund for street projects in upcoming years and save on interest with lower rates. MOTION – Approve Resolution 2025-07-02B – Providing for the Sale of Approximately $5,485,000 General Obligation Promissory Notes, Series 2025A Motion made by Paul second by Sorenson. Motion passed by roll call vote: Ahrens – Y, Sorenson – Y, Paul – Y, Parlier – Y, Lawrence – Absent, Cabrera – Absent, Handrick – Y 11. FUTURE MEETINGS & SCHEDULED MEETINGS: a. Regular Village Board Meeting – Wednesday, August 6, 2025 – 6:00 pm b. Special Board Meeting – As Needed 12. ADJOURNMENT at 7:15 pm. Motion to adjourn made by Ahrens second by Sorenson. Motion passed by voice vote. Administrators report – August 6, 2025 1) Permits: • Building Permits • 608 Main St – Remodel 2-unit rental Alterations • 605 5th St – Shed Construction • 701 6th St – Deck Alterations • Zoning Permit Application • 704 Thornapple St – New Home Construction • Utility Permit • 700 Emerald Ln, Marathon – WPS – Power Line Replacement/Repair 2) 2. Fire Department • 1st Responder Calls July– in Packet • 12 total calls • Fire Calls June – in Packet • 6 total calls – (4 calls Mutal Aid, 3 Hamburg, 1 Mosinee) 3) Administration – Clerks Office The Administrator and Clerk’s Offices continue to stay busy managing day-to-day operations, working with Ehlers on the Capital Improvement Plan (CIP) and the 2025 Bond, as well as overseeing ongoing Village projects. County Materials Sports Complex Update: Playground equipment is expected to arrive this week or early next week. Installation is scheduled to be completed by the end of August. The parking lot is undergoing minor modifications to the handicap ramps and parking layout, and is also expected to be completed by the end of August. Sidewalk Trail Project: All work is complete except for the lighting installation. Based on the project budget, lighting will be installed from the ballpark through the tunnel. Lighting on the school side of the tunnel will not be installed at this time due to funding limitations and power supply logistics. The school side already has building-mounted lights, and if additional lighting is needed in the future, the most cost-effective solution would be to tap into the school’s existing power source. North Industrial Park Project: Construction will resume shortly. We are working with Kruczek Construction to finalize the project timeline. The project was temporarily delayed to allow Menzner Hardwoods to complete installation of water and sewer hookups needed for their development. Information Technology – Fire Department Issues, updates: I have been in communication with The Dirks Group regarding ongoing IT service issues the Village has been experiencing. These issues have increasingly impacted multiple departments, causing significant delays, frustration, and unplanned expenses. The most serious problems have been identified within the Fire Department. Rather than continuing to address these problems on a ticket-by-ticket basis, I opted for a full system review and analysis to determine if there were underlying causes contributing to the recurring IT issues we’ve faced over the past two years. As a result of the review, several critical failures and unsecured network vulnerabilities were discovered. To address these problems and to prevent future issues and related costs, The Dirks Group and I developed a comprehensive solution. The upgrades cost approximately $12,000 - $14,000 and include necessary updates to the Village’s server room, network infrastructure, Fire Department firewall along with network installation and a department wide update to the existing Wi-Fi systems. To fund this project, all department management reviewed their existing budget and were able to identify areas within the 2025 budget to allocate for this needed upgrade. Since the total cost was within the approved 2025 department budget, I authorized The Dirks Group to proceed with the needed upgrades. We expect this investment to pay for itself within the next year or two through a significant reduction in IT service tickets and related disruptions across departments. You will be noticing within the next month a larger number of The Dirks Group related expenses as it is associated with this upgrade. 4) Public Works / Utilities: The Public Works and Utilities Department has been active on several projects. Well #1 Rehabilitation: Water Well Solutions began rehabilitation work the week of July 28. While the work is still underway, early results show that the well screen from 56 to 86 feet is in poor condition and cannot be cleaned chemically. The lower section is too deteriorated for rehabilitation. However, the well remains usable in the short term, though its long-term viability is uncertain. We will review the full report and discuss next steps at the next Utility Board meeting. Street and Utility Projects: The department is currently working on various projects approved in the 2025 CIP. • Community Circle: Culvert replacements/repairs are scheduled soon. • 3rd Street Storm Inlet: A failure was found near the Village’s public parking lot and will be repaired this week. • Oak Street Storm Inlet: Repairs completed in 2024 are holding better than expected; no additional work is needed at this time. As of now, $13,350.59 of the $60,000 street maintenance budget has been spent. Based on the remaining projects scheduled for August, we expect to come in very close to budget. The planned Oak Street work was removed and replaced with the 3rd Street storm inlet project to keep within overall budget limits. 5) Administrator Activities/Plans – August: • Continue working with Ehlers on the General Obligation Promissory Note, Series 2025A bond. • Begin the 2026 Budget Process: o August meetings are being scheduled with departments to review current budgets and discuss 2026 needs o Village Board Budget  Fire Department and EMS Budget Finalized and Approvals – September • Employee Performance Reviews: o Reviews will be scheduled for late August and early September o Village Administrator Performance Review – September Steven Cherek Village Administrator Copyright 2025, Funktion Design Studio, LLC C 1806 Woodland Ridge Road Wausau, WI 54403 715.571.8122 MENZNER HARDWOODS CO. BUILDING 'A' OVERALL ELEVATIONS JULY 23, 2025 NORTH ELEVATION - INDUSTRIAL PARK ROAD NORTH WEST ELEVATION SOUTH WEST ELEVATION EAST ELEVATION Copyright 2025, Funktion Design Studio, LLC C 1806 Woodland Ridge Road Wausau, WI 54403 715.571.8122 MENZNER HARDWOODS CO. BUILDING 'A' OVERALL ELEVATIONS JULY 23, 2025 BUILDING 'A' SUPPORT AREA EMPLOYEE ENTRANCE ALUMINUM WINDOWS ARCHITECTURAL VERTICAL METAL WALL PANELS COUNTY STONE VENEER ROCKY MOUNTAIN ASH HARDWOOD SIDING -WHITE OAK ARCHITECTURAL VERTICAL METAL WALL PANELS WHITE FIBERGLASS INSULATED WINDOWS VERTICAL METAL WALL PANELS - GRAY STONE COLOR w/ MATCHING TRIM EMPLOYEE CANOPY ROOF w/ TIMBER FRAMING AND STONE PIERS ALUMINUM WINDOWS (PUNCHED OPENINGS) VERTICAL WINDOWS - NATURAL LIGHT PAINTED SERVICE DOORS BUILDING 'A' SUPPORT AREA EMPLOYEE CANOPY ROOF w/ TIMBER FRAMING AND STONE PIERS ARCHITECTURAL VERTICAL METAL WALL PANELS - DARK BRONZE VERTICAL METAL WALL PANELS - GRAY STONE COLOR w/ MATCHING TRIM QB\97453515.1 RESOLUTION NO. 2025-08-06 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $5,485,000 GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2025A WHEREAS, on July 2, 2025, the Village Board of the Village of Marathon City, Marathon County, Wisconsin (the "Village") adopted a resolution (the "Set Sale Resolution"), providing for the sale of General Obligation Promissory Notes, Series 2025A (the "Notes") for public purposes, including paying the cost of (1) street, park, sewer system and water system projects and the acquisition of equipment (collectively, the "Project") and (2) refunding certain outstanding obligations of the Village (the "Refunding"), which obligations include the: (a) General Obligation Promissory Note, dated January 3, 2023; (b) General Obligation Promissory Note, dated July 28, 2023 (Utility Project); (c) General Obligation Promissory Note, dated July 28, 2023 (Street Project); (d) General Obligation Promissory Note, dated March 4, 2024; and (e) General Obligation Promissory Note, dated July 26, 2024 (collectively, the "Refunded Obligations"); and WHEREAS, the Village Board hereby finds and determines that the Project is within the Village's power to undertake and therefore serves a "public purpose" as that term is defined in Section 67.04(1)(b), Wisconsin Statutes; WHEREAS, the Village Board deems it to be necessary, desirable and in the best interest of the Village to refund the Refunded Obligations; WHEREAS, the Village is authorized by the provisions of Section 67.12(12), Wisconsin Statutes, to borrow money and issue general obligation promissory notes for such public purposes and to refinance its outstanding obligations; WHEREAS, pursuant to the Set Sale Resolution, the Village has directed Ehlers & Associates, Inc. ("Ehlers") to take the steps necessary to sell the Notes to pay the cost of the Project and the Refunding; WHEREAS, Ehlers, in consultation with the officials of the Village, prepared a Notice of Sale (a copy of which is attached hereto as Exhibit A and incorporated herein by this reference) setting forth the details of and the bid requirements for the Notes and indicating that the Notes would be offered for public sale on August 6, 2025; WHEREAS, the Village Clerk (in consultation with Ehlers) caused a form of notice of the sale to be published and/or announced and caused the Notice of Sale to be distributed to potential bidders offering the Notes for public sale on August 6, 2025; QB\97453515.1 -2- WHEREAS, the Village has duly received bids for the Notes as described on the Bid Tabulation attached hereto as Exhibit B and incorporated herein by this reference (the "Bid Tabulation"); and WHEREAS, it has been determined that the bid proposal (the "Proposal") submitted by the financial institution listed first on the Bid Tabulation fully complies with the bid requirements set forth in the Notice of Sale and is deemed to be the most advantageous to the Village. Ehlers has recommended that the Village accept the Proposal. A copy of said Proposal submitted by such institution (the "Purchaser") is attached hereto as Exhibit C and incorporated herein by this reference. NOW, THEREFORE, BE IT RESOLVED by the Village Board of the Village that: Section 1. Ratification of the Notice of Sale and Offering Materials. The Village Board hereby ratifies and approves the details of the Notes set forth in Exhibit A attached hereto as and for the details of the Notes. The Notice of Sale and any other offering materials prepared and circulated by Ehlers are hereby ratified and approved in all respects. All actions taken by officers of the Village and Ehlers in connection with the preparation and distribution of the Notice of Sale, and any other offering materials are hereby ratified and approved in all respects. Section 1A. Authorization and Award of the Notes. For the purpose of paying the cost of the Project and the Refunding, there shall be borrowed pursuant to Section 67.12(12), Wisconsin Statutes, the principal sum of FIVE MILLION FOUR HUNDRED EIGHTY-FIVE THOUSAND DOLLARS ($5,485,000) from the Purchaser in accordance with the terms and conditions of the Proposal. The Proposal of the Purchaser offering to purchase the Notes for the sum set forth on the Proposal, plus accrued interest to the date of delivery, resulting in a true interest cost as set forth on the Proposal, is hereby accepted. The President and Village Clerk or other appropriate officers of the Village are authorized and directed to execute an acceptance of the Proposal on behalf of the Village. The good faith deposit of the Purchaser shall be applied in accordance with the Notice of Sale, and any good faith deposits submitted by unsuccessful bidders shall be promptly returned. The Notes shall bear interest at the rates set forth on the Proposal. Section 2. Terms of the Notes. The Notes shall be designated "General Obligation Promissory Notes, Series 2025A"; shall be issued in the aggregate principal amount of $5,485,000; shall be dated August 27, 2025; shall be in the denomination of $5,000 or any integral multiple thereof; shall be numbered R-1 and upward; and shall bear interest at the rates per annum and mature on August 1 of each year, in the years and principal amounts as set forth on the Pricing Summary attached hereto as Exhibit D-1 and incorporated herein by this reference. Interest shall be payable semi-annually on February 1 and August 1 of each year commencing on August 1, 2026. Interest shall be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to the rules of the Municipal Securities Rulemaking Board. The schedule of principal and interest payments due on the Notes is set forth on the Debt Service Schedule attached hereto as Exhibit D-2 and incorporated herein by this reference (the "Schedule"). QB\97453515.1 -3- Section 2A. Designation of Maturities. For purposes of State law, the Notes of the earliest maturities are designated as being issued for the Refunding and such Notes are further designated as being issued to pay and discharge the debts incurred by the Village through the issuance of the Refunded Obligations in the order in which those debts were incurred, so that the Notes of the earliest maturities are considered to be issued to discharge the debts which were incurred first. As such, the portion of the Notes designated as being issued for the Refunding are paid within 10 years after the dated date of the Notes and within 20 years of the respective original dated date of the respective Refunded Obligations in accordance with Section 67.12(12)(c)2., Wisconsin Statutes. The balance of the Notes is designated as being issued to finance the Project. Section 3. Redemption Provisions. The Notes maturing on August 1, 2034 and thereafter shall be subject to redemption prior to maturity, at the option of the Village, on August 1, 2033 or on any date thereafter. Said Notes shall be redeemable as a whole or in part, and if in part, from maturities selected by the Village, and within each maturity by lot, at the principal amount thereof, plus accrued interest to the date of redemption. [The Proposal specifies that [some of] the Notes shall be subject to mandatory redemption. The terms of such mandatory redemption are set forth on an attachment hereto as Exhibit MRP and incorporated herein by this reference. Upon the optional redemption of any of the Notes subject to mandatory redemption, the principal amount of such Notes so redeemed shall be credited against the mandatory redemption payments established in Exhibit MRP for such Notes in such manner as the Village shall direct.] Section 4. Form of the Notes. The Notes shall be issued in registered form and shall be executed and delivered in substantially the form attached hereto as Exhibit E and incorporated herein by this reference. Section 5. Tax Provisions. (A) Direct Annual Irrepealable Tax Levy. For the purpose of paying the principal of and interest on the Notes as the same becomes due, the full faith, credit and resources of the Village are hereby irrevocably pledged, and there is hereby levied upon all of the taxable property of the Village a direct annual irrepealable tax in the years 2025 through 2044 for the payments due in the years 2026 through 2045 in the amounts set forth on the Schedule. (B) Tax Collection. So long as any part of the principal of or interest on the Notes remains unpaid, the Village shall be and continue without power to repeal such levy or obstruct the collection of said tax until all such payments have been made or provided for. After the issuance of the Notes, said tax shall be, from year to year, carried onto the tax roll of the Village and collected in addition to all other taxes and in the same manner and at the same time as other taxes of the Village for said years are collected, except that the amount of tax carried onto the tax roll may be reduced in any year by the amount of any surplus money in the Debt Service Fund Account created below. QB\97453515.1 -4- (C) Additional Funds. If at any time there shall be on hand insufficient funds from the aforesaid tax levy to meet principal and/or interest payments on said Notes when due, the requisite amounts shall be paid from other funds of the Village then available, which sums shall be replaced upon the collection of the taxes herein levied. Section 6. Segregated Debt Service Fund Account. (A) Creation and Deposits. There shall be and there hereby is established in the treasury of the Village, if one has not already been created, a debt service fund, separate and distinct from every other fund, which shall be maintained in accordance with generally accepted accounting principles. Debt service or sinking funds established for obligations previously issued by the Village may be considered as separate and distinct accounts within the debt service fund. Within the debt service fund, there hereby is established a separate and distinct account designated as the "Debt Service Fund Account for General Obligation Promissory Notes, Series 2025A" (the "Debt Service Fund Account") and such account shall be maintained until the indebtedness evidenced by the Notes is fully paid or otherwise extinguished. There shall be deposited into the Debt Service Fund Account (i) all accrued interest received by the Village at the time of delivery of and payment for the Notes; (ii) any premium not used for the Refunding which may be received by the Village above the par value of the Notes and accrued interest thereon; (iii) all money raised by the taxes herein levied and any amounts appropriated for the specific purpose of meeting principal of and interest on the Notes when due; (iv) such other sums as may be necessary at any time to pay principal of and interest on the Notes when due; (v) surplus monies in the Borrowed Money Fund as specified below; and (vi) such further deposits as may be required by Section 67.11, Wisconsin Statutes. (B) Use and Investment. No money shall be withdrawn from the Debt Service Fund Account and appropriated for any purpose other than the payment of principal of and interest on the Notes until all such principal and interest has been paid in full and the Notes canceled; provided (i) the funds to provide for each payment of principal of and interest on the Notes prior to the scheduled receipt of taxes from the next succeeding tax collection may be invested in direct obligations of the United States of America maturing in time to make such payments when they are due or in other investments permitted by law; and (ii) any funds over and above the amount of such principal and interest payments on the Notes may be used to reduce the next succeeding tax levy, or may, at the option of the Village, be invested by purchasing the Notes as permitted by and subject to Section 67.11(2)(a), Wisconsin Statutes, or in permitted municipal investments under the pertinent provisions of the Wisconsin Statutes ("Permitted Investments"), which investments shall continue to be a part of the Debt Service Fund Account. Any investment of the Debt Service Fund Account shall at all times conform with the provisions of the Internal Revenue Code of 1986, as amended (the "Code") and any applicable Treasury Regulations (the "Regulations"). (C) Remaining Monies. When all of the Notes have been paid in full and canceled, and all Permitted Investments disposed of, any money remaining in the Debt Service QB\97453515.1 -5- Fund Account shall be transferred and deposited in the general fund of the Village, unless the Village Board directs otherwise. Section 7. Proceeds of the Notes; Segregated Borrowed Money Fund. The proceeds of the Notes (the "Note Proceeds") (other than any premium not used for the Refunding and accrued interest which must be paid at the time of the delivery of the Notes into the Debt Service Fund Account created above) shall be deposited into a special fund (the "Borrowed Money Fund") separate and distinct from all other funds of the Village and disbursed solely for the purpose or purposes for which borrowed. Monies in the Borrowed Money Fund may be temporarily invested in Permitted Investments. Any monies, including any income from Permitted Investments, remaining in the Borrowed Money Fund after the purpose or purposes for which the Notes have been issued have been accomplished, and, at any time, any monies as are not needed and which obviously thereafter cannot be needed for such purpose(s) shall be deposited in the Debt Service Fund Account. Section 8. No Arbitrage. All investments made pursuant to this Resolution shall be Permitted Investments, but no such investment shall be made in such a manner as would cause the Notes to be "arbitrage bonds" within the meaning of Section 148 of the Code or the Regulations and an officer of the Village, charged with the responsibility for issuing the Notes, shall certify as to facts, estimates, circumstances and reasonable expectations in existence on the date of delivery of the Notes to the Purchaser which will permit the conclusion that the Notes are not "arbitrage bonds," within the meaning of the Code or Regulations. Section 9. Compliance with Federal Tax Laws. (a) The Village represents and covenants that the projects financed by the Notes and by the Refunded Obligations and the ownership, management and use of the projects will not cause the Notes or the Refunded Obligations to be "private activity bonds" within the meaning of Section 141 of the Code. The Village further covenants that it shall comply with the provisions of the Code to the extent necessary to maintain the tax-exempt status of the interest on the Notes including, if applicable, the rebate requirements of Section 148(f) of the Code. The Village further covenants that it will not take any action, omit to take any action or permit the taking or omission of any action within its control (including, without limitation, making or permitting any use of the proceeds of the Notes) if taking, permitting or omitting to take such action would cause any of the Notes to be an arbitrage bond or a private activity bond within the meaning of the Code or would otherwise cause interest on the Notes to be included in the gross income of the recipients thereof for federal income tax purposes. The Village Clerk or other officer of the Village charged with the responsibility of issuing the Notes shall provide an appropriate certificate of the Village certifying that the Village can and covenanting that it will comply with the provisions of the Code and Regulations. (b) The Village also covenants to use its best efforts to meet the requirements and restrictions of any different or additional federal legislation which may be made applicable to the Notes provided that in meeting such requirements the Village will do so only to the extent consistent with the proceedings authorizing the Notes and the laws of the State of Wisconsin and to the extent that there is a reasonable period of time in which to comply. QB\97453515.1 -6- Section 10. Designation as Qualified Tax-Exempt Obligations. The Notes are hereby designated as "qualified tax-exempt obligations" for purposes of Section 265 of the Code, relating to the ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations. Section 11. Execution of the Notes; Closing; Professional Services. The Notes shall be issued in printed form, executed on behalf of the Village by the manual or facsimile signatures of the President and Village Clerk, authenticated, if required, by the Fiscal Agent (defined below), sealed with its official or corporate seal, if any, or a facsimile thereof, and delivered to the Purchaser upon payment to the Village of the purchase price thereof, plus accrued interest to the date of delivery (the "Closing"). The facsimile signature of either of the officers executing the Notes may be imprinted on the Notes in lieu of the manual signature of the officer but, unless the Village has contracted with a fiscal agent to authenticate the Notes, at least one of the signatures appearing on each Note shall be a manual signature. In the event that either of the officers whose signatures appear on the Notes shall cease to be such officers before the Closing, such signatures shall, nevertheless, be valid and sufficient for all purposes to the same extent as if they had remained in office until the Closing. The aforesaid officers are hereby authorized and directed to do all acts and execute and deliver the Notes and all such documents, certificates and acknowledgements as may be necessary and convenient to effectuate the Closing. The Village hereby authorizes the officers and agents of the Village to enter into, on its behalf, agreements and contracts in conjunction with the Notes, including but not limited to agreements and contracts for legal, trust, fiscal agency, disclosure and continuing disclosure, and rebate calculation services. Any such contract heretofore entered into in conjunction with the issuance of the Notes is hereby ratified and approved in all respects. Section 12. Payment of the Notes; Fiscal Agent. The principal of and interest on the Notes shall be paid by Bond Trust Services Corporation, which is hereby appointed as the Village's registrar and fiscal agent pursuant to the provisions of Section 67.10(2), Wisconsin Statutes (the "Fiscal Agent"). The Village hereby authorizes the President and Village Clerk or other appropriate officers of the Village to enter into a Fiscal Agency Agreement between the Village and the Fiscal Agent. Such contract may provide, among other things, for the performance by the Fiscal Agent of the functions listed in Wis. Stats. Sec. 67.10(2)(a) to (j), where applicable, with respect to the Notes. Section 13. Persons Treated as Owners; Transfer of Notes. The Village shall cause books for the registration and for the transfer of the Notes to be kept by the Fiscal Agent. The person in whose name any Note shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes and payment of either principal or interest on any Note shall be made only to the registered owner thereof. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or sums so paid. Any Note may be transferred by the registered owner thereof by surrender of the Note at the office of the Fiscal Agent, duly endorsed for the transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing. Upon such transfer, the President and Village Clerk shall execute and deliver in the name of the transferee or transferees a new Note or Notes of a like aggregate principal amount, series and maturity and the Fiscal Agent shall record the name of each transferee in the registration book. No QB\97453515.1 -7- registration shall be made to bearer. The Fiscal Agent shall cancel any Note surrendered for transfer. The Village shall cooperate in any such transfer, and the President and Village Clerk are authorized to execute any new Note or Notes necessary to effect any such transfer. Section 14. Record Date. The 15th day of the calendar month next preceding each interest payment date shall be the record date for the Notes (the "Record Date"). Payment of interest on the Notes on any interest payment date shall be made to the registered owners of the Notes as they appear on the registration book of the Village at the close of business on the Record Date. Section 15. Utilization of The Depository Trust Company Book-Entry-Only System. In order to make the Notes eligible for the services provided by The Depository Trust Company, New York, New York ("DTC"), the Village agrees to the applicable provisions set forth in the Blanket Issuer Letter of Representations, which the Village Clerk or other authorized representative of the Village is authorized and directed to execute and deliver to DTC on behalf of the Village to the extent an effective Blanket Issuer Letter of Representations is not presently on file in the Village Clerk's office. Section 16. Payment of Issuance Expenses. The Village authorizes the Purchaser to forward the amount of the proceeds of the Notes allocable to the payment of issuance expenses to a financial institution selected by Ehlers at Closing for further distribution as directed by Ehlers. Section 17. Official Statement. The Village Board hereby approves the Preliminary Official Statement with respect to the Notes and deems the Preliminary Official Statement as "final" as of its date for purposes of SEC Rule 15c2-12 promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934 (the "Rule"). All actions taken by officers of the Village in connection with the preparation of such Preliminary Official Statement and any addenda to it or final Official Statement are hereby ratified and approved. In connection with the Closing, the appropriate Village official shall certify the Preliminary Official Statement and any addenda or final Official Statement. The Village Clerk shall cause copies of the Preliminary Official Statement and any addenda or final Official Statement to be distributed to the Purchaser. Section 18. Undertaking to Provide Continuing Disclosure. The Village hereby covenants and agrees, for the benefit of the owners of the Notes, to enter into a written undertaking (the "Undertaking") if required by the Rule to provide continuing disclosure of certain financial information and operating data and timely notices of the occurrence of certain events in accordance with the Rule. The Undertaking shall be enforceable by the owners of the Notes or by the Purchaser on behalf of such owners (provided that the rights of the owners and the Purchaser to enforce the Undertaking shall be limited to a right to obtain specific performance of the obligations thereunder and any failure by the Village to comply with the provisions of the Undertaking shall not be an event of default with respect to the Notes). QB\97453515.1 -8- To the extent required under the Rule, the President and Village Clerk, or other officer of the Village charged with the responsibility for issuing the Notes, shall provide a Continuing Disclosure Certificate for inclusion in the transcript of proceedings, setting forth the details and terms of the Village's Undertaking. Section 19. Redemption of the Refunded Obligations. The Refunded Obligations are hereby called for prior payment and redemption on August 28, 2025, or as soon as administratively possible thereafter, at a price of par plus accrued interest to the date of redemption. The Village hereby directs the Village Clerk to take all actions necessary for the redemption of the Refunded Obligations on their redemption date. Any and all actions heretofore taken by the officers and agents of the Village to effectuate such redemption are hereby ratified and approved. Section 20. Record Book. The Village Clerk shall provide and keep the transcript of proceedings as a separate record book (the "Record Book") and shall record a full and correct statement of every step or proceeding had or taken in the course of authorizing and issuing the Notes in the Record Book. Section 21. Bond Insurance. If the Purchaser determines to obtain municipal bond insurance with respect to the Notes, the officers of the Village are authorized to take all actions necessary to obtain such municipal bond insurance. The President and Village Clerk are authorized to agree to such additional provisions as the bond insurer may reasonably request and which are acceptable to the President and Village Clerk including provisions regarding restrictions on investment of Note proceeds, the payment procedure under the municipal bond insurance policy, the rights of the bond insurer in the event of default and payment of the Notes by the bond insurer and notices to be given to the bond insurer. In addition, any reference required by the bond insurer to the municipal bond insurance policy shall be made in the form of Note provided herein. QB\97453515.1 -9- Section 22. Conflicting Resolutions; Severability; Effective Date. All prior resolutions, rules or other actions of the Village Board or any parts thereof in conflict with the provisions hereof shall be, and the same are, hereby rescinded insofar as the same may so conflict. In the event that any one or more provisions hereof shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provisions hereof. The foregoing shall take effect immediately upon adoption and approval in the manner provided by law. Adopted, approved and recorded August 6, 2025. _____________________________ Kurt Handrick Jr. President ATTEST: ____________________________ Cassandra Lang Village Clerk (SEAL) QB\97453515.1 EXHIBIT A Notice of Sale To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution. (See Attached) QB\97453515.1 EXHIBIT B Bid Tabulation To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution. (See Attached) QB\97453515.1 EXHIBIT C Proposal To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution. (See Attached) QB\97453515.1 EXHIBIT D-1 Pricing Summary To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution. (See Attached) QB\97453515.1 EXHIBIT D-2 Debt Service Schedule and Irrepealable Tax Levies To be provided by Ehlers & Associates, Inc. and incorporated into the Resolution. (See Attached) QB\97453515.1 [EXHIBIT MRP Mandatory Redemption Provision The Notes due on August 1, ____, ____ and ____ (the "Term Bonds") are subject to mandatory redemption prior to maturity by lot (as selected by the Depository) at a redemption price equal to One Hundred Percent (100%) of the principal amount to be redeemed plus accrued interest to the date of redemption, from debt service fund deposits which are required to be made in amounts sufficient to redeem on August 1 of each year the respective amount of Term Bonds specified below: For the Term Bonds Maturing on August 1, Redemption Date Amount ____ $______ ____ ______ ____ ______ (maturity) For the Term Bonds Maturing on August 1, Redemption Date Amount ____ $______ ____ ______ ____ ______ (maturity) For the Term Bonds Maturing on August 1, Redemption Date Amount ____ $______ ____ ______ ____ ______ (maturity) For the Term Bonds Maturing on August 1, Redemption Date Amount ____ $______ ____ ______ ____ ______ (maturity)] QB\97453515.1 EXHIBIT E (Form of Note) UNITED STATES OF AMERICA REGISTERED STATE OF WISCONSIN DOLLARS MARATHON COUNTY NO. R-___ VILLAGE OF MARATHON CITY $_______ GENERAL OBLIGATION PROMISSORY NOTE, SERIES 2025A MATURITY DATE: ORIGINAL DATE OF ISSUE: INTEREST RATE: CUSIP: August 1, _____ August 27, 2025 ____% ______ DEPOSITORY OR ITS NOMINEE NAME: CEDE & CO. PRINCIPAL AMOUNT: _______________________ THOUSAND DOLLARS ($__________) FOR VALUE RECEIVED, the Village of Marathon City, Marathon County, Wisconsin (the "Village"), hereby acknowledges itself to owe and promises to pay to the Depository or its Nominee Name (the "Depository") identified above (or to registered assigns), on the maturity date identified above, the principal amount identified above, and to pay interest thereon at the rate of interest per annum identified above, all subject to the provisions set forth herein regarding redemption prior to maturity. Interest shall be payable semi-annually on February 1 and August 1 of each year commencing on August 1, 2026 until the aforesaid principal amount is paid in full. Both the principal of and interest on this Note are payable to the registered owner in lawful money of the United States. Interest payable on any interest payment date shall be paid by wire transfer to the Depository in whose name this Note is registered on the Bond Register maintained by Bond Trust Services Corporation (the "Fiscal Agent") or any successor thereto at the close of business on the 15th day of the calendar month next preceding each interest payment date (the "Record Date"). This Note is payable as to principal upon presentation and surrender hereof at the office of the Fiscal Agent. For the prompt payment of this Note together with interest hereon as aforesaid and for the levy of taxes sufficient for that purpose, the full faith, credit and resources of the Village are hereby irrevocably pledged. This Note is one of an issue of Notes aggregating the principal amount of $________, all of which are of like tenor, except as to denomination, interest rate, maturity date and redemption provision, issued by the Village pursuant to the provisions of Section 67.12(12), Wisconsin Statutes, for public purposes, including paying the cost of street, park, sewer system and water system projects and the acquisition of equipment and refunding certain outstanding obligations QB\97453515.1 of the Village, as authorized by a resolution adopted on August 6, 2025 (the "Resolution"). Said Resolution is recorded in the official minutes of the Village Board for said date. The Notes maturing on August 1, 2034 and thereafter are subject to redemption prior to maturity, at the option of the Village, on August 1, 2033 or on any date thereafter. Said Notes are redeemable as a whole or in part, and if in part, from maturities selected by the Village, and within each maturity by lot (as selected by the Depository), at the principal amount thereof, plus accrued interest to the date of redemption. [The Notes maturing in the years ________ are subject to mandatory redemption by lot as provided in the Resolution referred to above, at the redemption price of par plus accrued interest to the date of redemption and without premium.] In the event the Notes are redeemed prior to maturity, as long as the Notes are in book-entry-only form, official notice of the redemption will be given by mailing a notice by registered or certified mail, overnight express delivery, facsimile transmission, electronic transmission or in any other manner required by the Depository, to the Depository not less than thirty (30) days nor more than sixty (60) days prior to the redemption date. If less than all of the Notes of a maturity are to be called for redemption, the Notes of such maturity to be redeemed will be selected by lot. Such notice will include but not be limited to the following: the designation, date and maturities of the Notes called for redemption, CUSIP numbers, and the date of redemption. Any notice provided as described herein shall be conclusively presumed to have been duly given, whether or not the registered owner receives the notice. The Notes shall cease to bear interest on the specified redemption date provided that federal or other immediately available funds sufficient for such redemption are on deposit at the office of the Depository at that time. Upon such deposit of funds for redemption the Notes shall no longer be deemed to be outstanding. It is hereby certified and recited that all conditions, things and acts required by law to exist or to be done prior to and in connection with the issuance of this Note have been done, have existed and have been performed in due form and time; that the aggregate indebtedness of the Village, including this Note and others issued simultaneously herewith, does not exceed any limitation imposed by law or the Constitution of the State of Wisconsin; and that a direct annual irrepealable tax has been levied sufficient to pay this Note, together with the interest thereon, when and as payable. This Note has been designated by the Village Board as a "qualified tax-exempt obligation" pursuant to the provisions of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. This Note is transferable only upon the books of the Village kept for that purpose at the office of the Fiscal Agent, only in the event that the Depository does not continue to act as depository for the Notes, and the Village appoints another depository, upon surrender of the Note to the Fiscal Agent, by the registered owner in person or his duly authorized attorney, together QB\97453515.1 with a written instrument of transfer (which may be endorsed hereon) satisfactory to the Fiscal Agent duly executed by the registered owner or his duly authorized attorney. Thereupon a new fully registered Note in the same aggregate principal amount shall be issued to the new depository in exchange therefor and upon the payment of a charge sufficient to reimburse the Village for any tax, fee or other governmental charge required to be paid with respect to such registration. The Fiscal Agent shall not be obliged to make any transfer of the Notes (i) after the Record Date, (ii) during the fifteen (15) calendar days preceding the date of any publication of notice of any proposed redemption of the Notes, or (iii) with respect to any particular Note, after such Note has been called for redemption. The Fiscal Agent and Village may treat and consider the Depository in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment of, or on account of, the principal or redemption price hereof and interest due hereon and for all other purposes whatsoever. The Notes are issuable solely as negotiable, fully-registered Notes without coupons in the denomination of $5,000 or any integral multiple thereof. This Note shall not be valid or obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by the Fiscal Agent. No delay or omission on the part of the owner hereof to exercise any right hereunder shall impair such right or be considered as a waiver thereof or as a waiver of or acquiescence in any default hereunder. QB\97453515.1 IN WITNESS WHEREOF, the Village of Marathon City, Marathon County, Wisconsin, by its governing body, has caused this Note to be executed for it and in its name by the manual or facsimile signatures of its duly qualified President and Village Clerk; and to be sealed with its official or corporate seal, if any, all as of the original date of issue specified above. VILLAGE OF MARATHON CITY MARATHON COUNTY, WISCONSIN By: ______________________________ Kurt Handrick Jr. President (SEAL) By: ______________________________ Cassandra Lang Village Clerk QB\97453515.1 Date of Authentication: _______________, ______ CERTIFICATE OF AUTHENTICATION This Note is one of the Notes of the issue authorized by the within-mentioned Resolution of the Village of Marathon City, Marathon County, Wisconsin. BOND TRUST SERVICES CORPORATION By____________________________ Authorized Signatory QB\97453515.1 ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto ____________________________________________________________________________ (Name and Address of Assignee) ____________________________________________________________________________ (Social Security or other Identifying Number of Assignee) the within Note and all rights thereunder and hereby irrevocably constitutes and appoints ______________________________________, Legal Representative, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. Dated: _____________________ Signature Guaranteed: _____________________________ ________________________________ (e.g. Bank, Trust Company (Depository or Nominee Name) or Securities Firm) NOTICE: This signature must correspond with the name of the Depository or Nominee Name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatever. ____________________________ (Authorized Officer)